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The United Nations lately estimated that higher than 180 million individuals globally among the ages of 15 and 64 (greater than 4% of this age category) consume cannabis yearly. No less than 20 countries have executed medical cannabis legislations, including Canada, Australia, Germany, and Colombia.
OTTAWA, Feb. 24, 2021 (GLOBE NEWSWIRE) — The global cannabis extract market size was estimated US$ 7.8 billion in 2020.
Precedence Research predicts, the global cannabis extract market is poised to garner growth at a CAGR of 18.6% during the estimate period and to reach US$ 31.5 billion by 2030.
Increased expenditure on investigation and advancement accompanied by collaborations, acquisitions, and mergers are the vital strategies undertaken by companies operational in the worldwide cannabis extract industry. Furthermore, leading businesses are spending heavily on research and development for the development of new extraction methods.
Factors such growing use of cannabis for medicinal purpose, implementation of unambiguous legal framework related to marijuana use in developed nations, increasing prevalence of cancer, increasing use of marijuana as antidepressants, and increasing focus of companies on development of sustainable extractions methods are driving the growth of cannabis extract market. Moreover, increasing prevalence of arthritis and other chronic disorders is further propelling the growth of cannabis extract market. Additional features that are expected to fuel this business are increasing awareness regarding benefits of cannabis in developing regions.
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Based on extract type, the market is categorized into cannabis isolates and full spectrum. The full spectrum segment dominated the market. It is expected to grow at the fastest CAGR of more than 21% and accounted for a share of near about 58% and was valued at USD 4.13 Billion.
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In 2019, Europe was followed by North America to account for the second largest revenue share. The legalization of marijuana in European countries for recreational purpose is still accompanied with strict rules. However, some countries have started to legalize cannabis for medicinal purpose. Italy is considered as the 4th largest consumer of cannabis in terms of concentrates and oil.
The key factors driving the global market for cannabis extracts include rising legalization of marijuana in various countries for recreational purpose as well medical use, increasing use of marijuana for the treatment of various chronic pain involved diseases, mental disorders, anxiety, depression and many others.